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Bitcoin Must Conform

Canada has become one of the first countries to bring in tough legislation to regulate and oversee Bitcoin and other digital currencies. The new law regulates Bitcoin as a “money service business” and specifically addresses dealers in virtual currencies. It is expected to cover Bitcoin exchanges and ATMs. The amendments make Bitcoin, and all digital currencies, subject to the same requirements as other money services businesses. It is hoped that the bill will strike a balance between combating financial crime and supporting innovative technology development. It is estimated that almost $300 million will be invested in Bitcoin start-ups by venture capitalists by the end of 2014 worldwide, with Canada receiving the second largest portion of that funding after the US.

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